Comments by "jjeffery worboys" (@jjefferyworboys8138) on "Garys Economics" channel.

  1. I agree, it doesn't suit everybody but for some people it has changed their work life balance and standard of living for the better.
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  2.  @Magpie314  It will suit some people and not others. There are as many positives as negatives.
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  3. I have never understood why we penalise success and depress ambition this country. Everyone should pay the same rate of tax regardless of income, lets promote success and ambition. Higher tax receipts would soon follow. What ever decision you make, good luck.
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  4. Why would a rich person ( however you choose define it ) not have a conscious ?
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  5. I rent a room in my house, that's also a form of passive income.The nice thing is income is generated from an asset I already own tax free.
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  6. Inequality has existed in every society since the beginning of time.
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  7. Do what makes you happy, once you are financially comfortable, your quality of life becomes more important than anything else.
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  8. Wealth is already highly taxed. When I sold my last house, the buyer had to pay @£68,000 Stamp duty, a very obvious wealth tax. I paid @ £1500 in VAT on the Estate agents bill, yet another form of wealth tax.
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  9. It's a very nice feeling to get up each day, knowingly that how I spend my day is entirely up to me. Let's not forget that such luxuries usually take a lot of hard work to get yourself in this fortunate position.
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  10. Most people are employed by big businesses, perhaps because it's the easier and safer alternative to doing something for yourself ?
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  11. I really don't care how much someone much wealthier than me benefits from low taxes as long as I also benefit. If they save a million and I save a thousand, I'm happy.
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  12.  @kobemop  Did your parents drop you on your head at birth ?
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  13. Any form of investment involves risk, life involves risk. Just as you wouldn't cross the road with your eyes shut, you should learn about anything you intend investing in. If you don't understand something, it's not for you. Assets are just stuff and can be literally anything , some require large amounts of capital, others just a few pounds. Start off small and learn from experience. A combination of earned and passive income can provide a very comfortable lifestyle which works very well for me !
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  14.  @TomNoles007  There have always been jealous people who want to smash up things they can't afford or hurt people because they are envious of their lifestyle.
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  15. Does it mean individuals or companies or both ? Most very rich rich hold their assets in companies for obvious reasons.
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  16. Simple, he's more clever than you.
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  17. This is nothing new, it's always been one of the biggest downsides of renting. Like many retired homeowners they too will have to downsize and move to less expensive accommodation in a less expensive area.
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  18.  @YL-fb9kb  Can't argue with that logic.
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  19. Did your parents drop you on your head at birth ?
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  20. Very carefully, they are the most mobile group in society often with homes in several different countries and with the ability to transfer their assets in seconds. The rich are very good for our economy, we need them, they spend lots of money on goods and services. Thats why the Chancellor when abolishing the Non Doms tax exemption replaced it with a generous residency based system.
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  21. True, but once you have this, use it to generate the rest.
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  22. Non Doms paid tax on all UK earnings together with an annual fee of up to £60,000. They didn't pay UK tax on income earned outside the UK unless that income was brought into the UK. The notion that these people did't pay any tax is pure fiction.
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  23. You should really consider changing your perspective and learn to work smarter not harder.
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  24. Have you made any money listening to him or has he just made more money from you becoming a subscriber ?
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  25. i recall in an earlier video Gary was talking about those with £100m + and although he didn't say so he no doubt meant net assets. £10m really isn't that much today, when you consider the high cost of housing particularly in good locations in and around London.
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  26. Agreed, success and ambition is punished in the UK. I have long held the unpopular view that there should be be one flat rate of income tax irrespective of income. Those with the greatest earning potential shouldn't be punished, they should be incentivised and rewarded. I believe our economy and society would be better for it.
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  27. I have never understood why we penalise success and ambition. I would tax everyone the same regardless of income and encourage everyone to earn as much as possible, thereby increasing overall tax receipts. Seems like a win/win to me.
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  28. Spot on. Passive income is very often the result of someone having worked very hard, perhaps a long tome ago, to buy the asset that today provides the passive income.
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  29. The world doesn't work like that, its much more complex. Controlled building keeps prices and hence profits higher which is the purpose of being a house builder.
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  30.  @Cheebasonic  Banks are owned by shareholders, from large institutions, including UK Pension Funds and individuals from wealth to very ordinary. Most people employed by Banks don't get massive salaries and huge bonuses. A few in very senior position will, because of the income they generate for the Bank. Rather like the highly talented Premier Division footballers who receive obscenely high incomes and bonuses.
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  31. Yes, its called taking personal responsibility, investing in yourself and doing whatever it takes to become successful and achieve your goals in life. It's too radical for most people who would rather do nothing and blame others for their own shortcomings.
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  32. People complain about big companies but they like the comfort they provide.
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  33. Yes, every minute of every day.
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  34. As the use of AI develops there will be less need for staff, existing staff will become a thing of the past.
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  35. Very down to earth and realistic.
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  36. Anyone can invest, putting money into something that you hope will gain in value isn't difficult and the amounts can be modest. It's having the mindset to do so that separates people.
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  37. Stick with it and you will get there. Have an open mind and be prepared to get your hands dirty if you want to add value. Remember its your home first and an investment second. Don't get obsessed with short term fluctuations, you are in it for the long term.
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  38. Have you actually made any money from listening to this guy ? If you listen to Warren Buffet and take his very practical advise you probably will.
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  39. Don't think much of his dress sense though.
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  40. Invest in yourself and improve your life chances.Take personal responsibility for your own future and don't wait around for anyone else to do it for you.
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  41. Work smarter, invest in yourself if you want to improve your earning potential. Most better off people have more than one source of income, how you achieve tis is up to you.
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  42.  @kuramobay2445  Assets or net assets ? Suppose person owns a £10m house but a £10m mortgage, what would you do ? There are many people who outwardly appear wealthy but aren't.
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  43. True, success and ambition is punished whereas it should be incentivised and rewarded by allowing those who have the greatest earning potential to keep more of it. I believe this would encourage others to do whatever it takes to be successful. Aspiration not envy.
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  44. Why stay in the public sector ? Successful people have several sources of income and these can be very simple and involve very little effort.
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  45. Possibly but more importantly they could move their businesses outside of the UK. Getting the balance of taxing right is very complex.
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  46. Passive income is the result of working smarter not harder.
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  47. Today such information is only a few clicks away so there should be no excuse for anyone not knowing, sadly there will still be plenty who don't !
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  48. Inequality exists every where. Concentrate your efforts into improving yourself rather than worrying about what others have.
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  49. The rich don't have to stay here, they are the most mobile group of people in the country. Their assets can be transferred in seconds without effort.
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  50. Have you brought any building materials recently and seen how much they cost ?
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